智通财经APP获悉，国信证券发布研报称，数算中心机架功率持续提升，液冷方案可解决数算中心高能 耗、高散热难题。当前液冷板块处于发展早期，各类液冷方案各具优劣势，行业尚未形成统一既定的最 优液冷方案，需密切关注下游服务商选择的液冷方案路径与对应冷却液产品。根据SemiAnalysis预测， 2028年全球新增AI数据中心装机量将达59GW，预期或将催生出约8.9万吨冷却液需求;传统服务器新增 装机量或将带来1.9万吨冷却液需求。 国信证券主要观点如下： 随着数算中心规模、功率不断提升，高效冷却技术快速发展，液冷主要解决高能耗、高发热难题 液冷具有换热效率高、节能、减少噪音等多重优势，按照冷却液与服务器接触方式不同，可分为间接冷 却与直接冷却，间接冷却一般为冷板式，直接冷却包括浸没式和喷淋式。其中冷板式与浸没式按照冷却 液介质是否发生相变又可分为单相与双相。冷板式液冷技术方案相对成熟，不需要对数据中心机房进行 大规模改造，但解热能力上限仍不如浸没式液冷;浸没式液冷冷却液介质需直接与设备接触，专用机柜 对于管路要求高，维护复杂，冷却液介质如氟化液售价高昂且使用量较大，整体运维成本较高，但浸没 式液冷解热能力更高且噪 ...

爱建证券近日发布电子行业周报：高算力芯片和AI服务器推动液冷技术持续迭代。大算力需求正推动 芯片功耗持续攀升，以NVIDIA为代表的主流厂商产品持续升级。NVIDIA要求供应商加速MLCP液冷技 术研发。2025年9月中国台湾《经济日报》报道，因英伟达AI新平台Rubin及下一代Feynman平台功耗预 计超2000W，现有散热方案不足，英伟达要求供应商研发单价为现有3至5倍的MLCP液冷技术。 以下为研究报告摘要： 投资要点： 半导体设备领涨电子行业。本周SW电子行业指数(+2.96%)，涨跌幅排名3/31位，沪深300指数 (-0.44%)。SW一级行业指数涨跌幅前五分别为：煤炭(+3.51%)，电力设备(+3.07%)，电子(+2.96%)，汽 车(+2.95%)，机械设备(+2.23%)，涨跌幅后五分别为:银行(-4.21%)，有色金属(-4.02%)，非银金融 (-3.66%)，钢铁(-2.95%)，农林牧渔(-2.70%)。本周SW电子三级行业指数涨跌幅前三分别是：半导体设 备（+9.98%），光学元件（+9.08%），集成电路制造（+5.63%）；涨跌幅后三分别是：数字芯片设计 （-0.18%） ...

爱建证券近日发布电子行业周报：高算力芯片和AI服务器推动液冷技术持续迭代。大算 力需求正推动芯片功耗持续攀升，以NVIDIA为代表的主流厂商产品持续升级。NVIDIA要 求供应商加速MLCP液冷技术研发。2025年9月中国台湾《经济日报》报道，因英伟达AI新 平台Rubin及下一代Feynman平台功耗预计超2000W，现有散热方案不足，英伟达要求供应 商研发单价为现有3至5倍的MLCP液冷技术。 以下为研究报告摘要： 投资要点： 半导体设备领涨电子行业。本周SW电子行业指数(+2.96%)，涨跌幅排名3/31位，沪深 300指数(-0.44%)。SW一级行业指数涨跌幅前五分别为：煤炭(+3.51%)，电力设备 (+3.07%)，电子(+2.96%)，汽车(+2.95%)，机械设备(+2.23%)，涨跌幅后五分别为:银行 (-4.21%)，有色金属(-4.02%)，非银金融(-3.66%)，钢铁(-2.95%)，农林牧渔(-2.70%)。本周 SW电子三级行业指数涨跌幅前三分别是：半导体设备（+9.98%），光学元件（+9.08%）， 集成电路制造（+5.63%）；涨跌幅后三分别是：数字芯片设计（-0.18% ...

Core Viewpoint - The article discusses the potential of microchannel liquid cooling technology in response to increasing power demands from next-generation chips like Nvidia's Rubin, which may exceed 2000W, necessitating a shift from traditional cooling methods to more efficient solutions like microchannel water cooling plates [2][6][27]. Group 1: Microchannel Liquid Cooling Technology - Microchannel cooling plates are expected to enhance cooling efficiency significantly compared to traditional cooling solutions, offering advantages such as lower thermal resistance, larger heat exchange area, and higher flow rates [14][16]. - The manufacturing of microchannel cooling plates presents higher barriers due to the need for advanced production techniques like etching and 3D printing, which increases costs and requires improved system cleanliness and pump capabilities [16][27]. - The transition to microchannel cooling technology may reshape the liquid cooling supply chain, providing opportunities for domestic manufacturers to enter the market [17][24]. Group 2: Market Dynamics and Opportunities - The current market for microchannel liquid cooling involves three main types of companies: startups specializing in microchannel technology, traditional cooling solution manufacturers, and companies focused on cover plates [18][23]. - Startups like Mikros Technologies and JetCool are collaborating with major electronic manufacturing services to enhance their technology's market adoption, showcasing the potential for high thermal management performance [18][23]. - The shift to microchannel technology may create opportunities for domestic suppliers, particularly those with existing capabilities in related manufacturing processes, to meet the evolving demands of the cooling solutions market [24][25].

Core Viewpoint - The explosive growth in AI computing power demand is driving the advancement of liquid cooling technology towards higher-end solutions [1] Group 1: Microfluidic Cooling Technology - Microsoft has developed microfluidic cooling technology that delivers cooling liquid directly to the chip's interior through tiny channels, significantly improving cooling efficiency [3] - The cooling efficiency of this technology is three times higher than existing cooling plates, reducing the maximum temperature rise of chips by 65%, which supports denser data center deployments and extends hardware lifespan [3] - AI plays a crucial role in this technology, as Microsoft collaborated with Swiss startup Corintis to design biomimetic structures for precise cooling liquid coverage and to identify thermal signals for adaptive cooling [3][4] Group 2: Technical Challenges and Future Prospects - The design of internal channels in chips poses technical challenges, requiring a balance between sufficient depth to prevent blockage and avoiding excessive etching that could cause breakage [4] - Microsoft has iterated on this technology over a year, and it may enable new chip architectures, such as 3D chips, which generate significant heat [4] - Future research will focus on integrating microfluidic cooling technology into Microsoft's chip products, with advantages in cost and reliability [4] Group 3: Competitive Landscape and Market Implications - Other tech giants, such as NVIDIA, are also pushing for advancements in liquid cooling technologies, with NVIDIA requesting suppliers to develop new micro-channel liquid cooling plate technology [4] - The traditional cold plate liquid cooling method remains prevalent, characterized by high maturity and widespread application, which may dominate the market in the short term due to its operational simplicity and total cost of ownership advantages [5] - The transition to new liquid cooling solutions may alter the supply chain landscape, presenting opportunities for domestic liquid cooling supply chain companies, including traditional VC firms, liquid cooling module manufacturers, heat sink manufacturers, and 3D printing firms [5]

Summary of Conference Call Notes Industry Overview - The conference call discusses advancements in liquid cooling solutions, particularly in response to the increasing thermal demands of next-generation chips, such as NVIDIA's Ruby series [1][2][3]. Key Points and Arguments 1. **Emergence of Hybrid Liquid Cooling Solutions** - The industry is exploring hybrid liquid cooling solutions that combine cold plates with silent liquid cooling to manage higher power outputs effectively [1][2]. - Hybrid solutions can handle approximately 70% of the heat through cold plates, reducing the reliance on silent systems and improving stability [1][4]. 2. **Cost and Performance Optimization** - Hybrid liquid cooling significantly reduces the amount of fluorinated liquids required, with each cabinet needing about 500-600 kg (approximately half a ton), leading to a cost of around 150,000 to 200,000 RMB per cabinet [1][6][7]. - This cost is deemed acceptable compared to the overall cabinet cost of over 6 million RMB, indicating a balance between performance and cost [7]. 3. **Market Demand Projections** - The market demand for high-end electronic fluorinated liquids could reach 20 billion RMB if hybrid solutions are successfully implemented [3][11]. - Current production capacity for liquid cooling solutions is around 2,500 to 3,000 tons, with plans for expansion to 5,000 tons specifically for liquid cooling applications [3][14]. 4. **Technological Requirements for Next-Gen Chips** - NVIDIA's Ruby Ultra series requires advanced cooling solutions that exceed the capabilities of traditional single-phase cooling systems, necessitating the adoption of hybrid solutions [3][11]. 5. **Comparison of Cooling Fluids** - R134A is highlighted for its high cooling efficiency and lower cost (around 50,000 RMB), but it faces quota reduction risks [9]. - Hydrofluoroethers are considered a viable alternative due to their adjustable boiling points and high stability, although they may cause corrosion over time [9]. 6. **Challenges with Pure Silent Liquid Cooling** - Pure silent liquid cooling faces issues of high costs and system stability, as it requires a significant amount of liquid (over 1.5 tons) and can lead to instability in high-density interconnect products [5][10]. 7. **New Opportunities for New Materials** - High-end electronic fluorinated liquids, such as perfluoropolyether and perfluoramine, are becoming preferred choices for hybrid solutions due to their superior performance [3][11]. Additional Important Content - **Newzobang's Market Position** - Newzobang is positioned as a leader in liquid cooling cabinet production, with plans to expand its capacity significantly, potentially reaching 10,000 tons [14]. - The company is expected to achieve a service profit of approximately 7.775 billion RMB in 2025, with a total valuation of around 30 billion RMB for its main business [15][16]. - **Strategic Partnerships and Validation** - Newzobang has established partnerships with major companies like Alibaba and ByteDance, which have provided data support for its liquid cooling products [13]. This summary encapsulates the critical insights from the conference call, focusing on the advancements in liquid cooling technologies and the strategic positioning of key players in the industry.

格隆汇9月24日丨统一股份(600506.SH)在投资者互动平台表示，关于咸阳工厂的后续情况，请您关注公 司的临时公告。关于液冷产品的情况，请您关注公司半年报中的相关表述，超充桩冷却液已有订单，数 据中心行业正在积极推进招投标。 ...

Group 1 - The company does not currently engage in liquid cooling technology [2] - The core business of the company is generator products and services [2] - In data centers, the company's products primarily serve as backup power sources, supplying electricity to various loads during power outages [2]

Group 1 - The company, KOTAI Power (300153.SZ), currently does not engage in liquid cooling technology [1] - The core business of the company focuses on generator products and services [1] - In data centers, the company's generators primarily serve as backup power, supplying electricity to various loads during power outages [1]

Investment Rating - The electronic industry is rated as "Outperform the Market" [1] Core Insights - The semiconductor equipment sector leads the electronic industry with a weekly index increase of 2.96%, outperforming the CSI 300 index, which decreased by 0.44% [2] - NVIDIA is pushing suppliers to accelerate the development of MLCP liquid cooling technology due to the high power consumption of its new AI platforms, which is expected to exceed 2000W [5][6] - High-performance chips and AI servers are driving continuous iterations in liquid cooling technology, with NVIDIA's AI chips showing significant power increases from 400W to 1400W [6][10] - MLCP (Microchannel Liquid Cooling Plate) is identified as a key upgrade direction for liquid cooling technology, supporting higher TDP and lower thermal resistance compared to traditional cooling methods [19][21] Summary by Sections 1. Industry Performance - The SW electronic industry index increased by 2.96%, ranking 3rd among 31 sectors, while the top five sectors included coal (+3.51%) and electric equipment (+3.07%) [2][36] - The top three sub-sectors in the electronic industry were semiconductor equipment (+9.98%), optical components (+9.08%), and integrated circuit manufacturing (+5.63%) [40] 2. Liquid Cooling Technology - NVIDIA's new AI platforms require advanced liquid cooling solutions, leading to a demand for MLCP technology, which is 3 to 5 times more expensive than existing solutions [5][6] - Liquid cooling is more efficient than traditional air cooling, especially when cabinet density exceeds 20kW, significantly improving performance and lifespan of electronic devices [15][16] - MLCP technology allows for direct contact between cooling liquid and heat sources, drastically reducing thermal resistance and supporting higher power densities [19][21] 3. Potential Beneficiaries - Companies such as Invec, Highlan, and Siquan New Materials are highlighted as potential beneficiaries of the liquid cooling technology trend, each with unique capabilities in the market [22][24][26] - Invec has developed a comprehensive liquid cooling solution and has delivered 1.2GW of liquid cooling products with zero leakage [22][23] - Highlan offers a one-stop service for data center cooling solutions, maintaining a PUE value of less than 1.1 [24] - Siquan New Materials focuses on a complete thermal management product system, catering to various industries and providing customized solutions [26]